Thousands of Illinoisans will be eligible for a newly-expanded Earned Income Tax Credit this year, and officials are getting the word out to encourage those individuals to claim the funds.
According to a press release from the Illinois Department of Revenue and Gov. J.B. Pritzker, the EITC will give increased tax relief this year, rising from an 18% match of the federal credit to 20%.
Coverage was also expanded to cover workers between the ages of 18 to 24, and for those over the age of 65 who do not have qualifying dependents on their tax returns, according to the release.
“The Illinois Earned Income Tax Credit is an important tool in reducing taxes owed and m ay result in a bigger refund if one is due,” IDOR Director David Harris said in a statement.
According to the Pritzker administration, more than 53,000 Illinois residents claimed the federal EITC credit without also claiming the state EITC, with nearly $25 million left unclaimed by those residents.
To claim the credit, taxpayers must have:
-Worked and earned income under $17,640 (or $24,210 if married and filing jointly) with no qualifying children, or $56,838 ($63,398 if married and filing jointly) with three or more qualifying children.
Local
-Investment income of $11,000 or less.
-A valid Social Security Number or Individual Taxpayer Identification Number by the due date of the 2023 return.
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-Been at least 18 years of age or older by the end of 2023.
-Been a U.S. citizen or resident alien all year.
Those who qualify for the federal EITC automatically qualify for the state credit, but taxpayers can qualify for the Illinois credit without qualifying for the federal credit, according to officials.
More information can be found on the IDOR’s website, or on the IRS’ website.
